State Bank of Pakistan delegation led by SBP Governor Dr. Reza Baqir visited Sialkot Chamber of Commerce and Industry (SCCI) upon an invitation from its President, Mr. Qaisar Iqbal Baryal to gain firsthand knowledge on the economic challenges faced by the business community in wake of a global slowdown amid the Covid-19 pandemic. He also paid a visit to the Sialkot International Airport Limited (SIAL).
SIAL Chairman Mian Naeem Javed presided over the event held in honor of Governor SBP and thanked the whole delegation for their visit. He said that SIAL had earned a good name all over the world and should be publicized at the official level. On this occasion, Chairman SIAL also highlighted the problems faced by the airport and requested the audience to mention the achievements of Sialkot Airport in the country and abroad to further inspire the business community of Sialkot. Mian Naeem Javed extended a request to Prime Minister Imran Khan for a tax exemption for three years to offset the financial loss caused by Covid-19 and to give Sialkot the status of an export zone.
Former chairman SIAL Engineer Khawar Anwar Khawaja congratulated the SBP Governor and his team on an increase in the country’s reserves and prayed for their further success.
Dr. Reza Baqir lauded the local business community of Sialkot for building an international standard airport on a self-help basis, declaring that it was a source of pride for the country. He said that if the business community could make an airport of international standards, they could also establish a bank for small and medium businesses (SMEs). Dr. Baqir promised to set up an NBP booth at Sialkot Airport and abolish the requirement of signatures of all directors for opening a SIAL account in any bank.
SBP Deputy Governor Miss Sima Kamil also expressed her views saying,
The success of SIAL was a glaring example for all of us and we pay tribute to the business community of Sialkot for this achievement.
During his visit to the SCCI, the SBP Governor spoke on the current economic conditions and emphasized that an ongoing dialogue between policy-makers and the business community regarding economic measures plus their effectiveness is the key to combating all prevalent domestic as well as global economic challenges. The governor also acknowledged the proactive role played by SCCI in raising awareness about these issues and their potential solutions with policymakers.
Responding to the chamber’s recommendation to simplify the mechanism for drawback of local taxes and levy (DLTL), the SBP governor noted that the existing drawback schemes have already been simplified and the data of claims submitted through email was now electronically processed. Owing to this system based submission and processing, turnaround time has significantly reduced, said the Governor.
Adding further, the Governor said that SBP, in order to increase efficiency, is working on End-to-End Digitalization of foreign exchange (FX) related cases that also include trade-related matters. SBP’s FX Regulatory Approval System has been live since March 2020. The objective of this initiative is to provide a fully digitized platform to the business community and individuals in approaching banks for their foreign exchange related requests, said the Governor.
Deputy Governor State Bank of Pakistan Miss Sima Kamil, Vice Chairman Chaudhry Muhammad Afzal Shaheen, Managing Director Muhammad Ashraf Khan, Director Exchange Policy Department Arshad Mehmood Bhatti, Regional Head Central Javed Ahmed Bhatti, Chief Manager Sialkot Ansar Iftikhar Butt, Joint Director Protocol Muhammad Aqeel Ashraf Rana, Deputy Chief Manager Sialkot Imtiaz Ali, Assistant Chief Manager Sialkot Sohaib Khalil, Security Officer Col (R) Riasat Ali, Former Chairman SIAL Naeem Akhtar, Sheikh Muhammad Yaqoob, Engineer Khawar Anwar Khawaja, Chief Financial Officer Bashir Ahmed, Manager Airport Handling Services Muhammad Tariq, Manager Business Development Amir Yaqub, Public Relations Manager Abdul Shakoor Mirza, and Assistant Manager Customer Services Adnan Hameed Khalil and other officials were present on the occasion.
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